Chinese state prepares to inject $830m into battery R&D
The Chinese government is planning to make its biggest ever investment in domestic solid-state battery tech.
According to newspaper China Daily, the state will invest more than 6 billion yuan (about USD 830 million) into R&D to maintain the country's lead in the EV market. The government-led support will be directed towards battery makers CATL and WeLion New Energy, along with automakers BYD, FAW, SAIC and Geely.
Solid-state batteries offer a compelling alternative to conventional lithium-ion batteries, which use flammable liquid electrolytes. They hold the promise of improved safety, a longer lifespan and faster charging . But solid-state tech is still embryonic due to constraints in raw materials and manufacturing processes.
The funding reflects the strategic importance of the EV market to the Chinese, and follows the formation of the China All-Solid-State Battery Collaborative Innovation Platform (CASIP) in January. This consortium brings together government, academia and industry in a joint aim to develop and manufacture solid-state batteries that can compete globally.
And the announcement of state funding for batteries comes just days after news of an even bigger program by Beijing had support chip firms with USD 47.5 billion of state funding.
